Home Buying in Harrisburg>Question Details

stephen ferm…, Home Buyer in Harrisburg, PA

I want to buy a home its 45,000 I have 10,000 to put down but my credit score isnot good can I get a mortgage

Asked by stephen ferman, Harrisburg, PA Wed Aug 14, 2013

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Good morning Stephen,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

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2 votes Thank Flag Link Thu Aug 15, 2013
Hi Stephen, Do you have a job?
1 vote Thank Flag Link Wed Aug 14, 2013
These guys can help with a lower fico score.
also no pmi payments...
Flag Thu Aug 15, 2013
owner operator truck driver self employed and my fianc is employed
Flag Wed Aug 14, 2013
My name is Vincent James and Im a Realtor with Straub and Assoc Real Estate Group, give me a call at 717 364 7337 and I'll explain your options to you.
0 votes Thank Flag Link Fri Aug 16, 2013
Hi my name is Vincent James and I am a realtor with Straub and Associates Real Estate Group, give me a call at 717 364 7337 and I'll explain your options to you.
0 votes Thank Flag Link Fri Aug 16, 2013
This is dependent upon many factors. Are you working with a Realtor or Licensed Agent in PA? If you are not you may want to start with hiring a licensed agent. In lieu of that at least contact a reputible bank or mortgage company and determine your exact financial position. Do not hesitate to call me to act as your agent.

Bill Morrow (717)763-1212 Ext 164
Associate Broker, REALTOR
0 votes Thank Flag Link Thu Aug 15, 2013
Hi Stephen! I, too live in the Harrisburg area and would be happy to talk with you! Please contact me at mekeefauver@gmail.com! Kind regards, Mary Ellen Keefauver.
Straub & Associates
0 votes Thank Flag Link Wed Aug 14, 2013
I would love to talk with you about this. If you're not working with an agent yet, please give me a holler! I will gladly walk you through the process!!! Kind regards, Mary Ellen Keefauver: mekeefauver@gmail.com.
0 votes Thank Flag Link Wed Aug 14, 2013
Are you working with an agent? If you would like to discuss call me. Barbara at 717-608-1284.
EXIT Realty Capital Area
0 votes Thank Flag Link Wed Aug 14, 2013
I can offer financing with 580 Credit Score, up to 96.5% LTV; and with a 20% downpayment we can do FHA down to 500. The detail is that even if the credit score, is not the issues; the credit history must not contain serious derogatory.
We do not have minimum loan amounts either.
On another hand, I would have to refer you to a local fellow loan officer in PA. Send me an email through the inbox.


Marco Huaman
0 votes Thank Flag Link Wed Aug 14, 2013
Most lenders have a minimum loan amount. I've seen $50k, $75k and even $125k. Also, most banks require a property to be "move in ready" or clear of all material defects before they will lend on it. In regard to credit, it is a major factor in approving or declining a loan, although some programs have no minimum credit score requirements, others require a 570 mid score FICO and others a 640. With all that said it can be difficult to find financing for homes like the one you mentioned, but nothing is impossible.

William Cush
RE/MAX Keystone
836 N.Easton Rd.
Glenside,PA 19038
Cell: 215.285.2011
Direct: 215.825.7720
0 votes Thank Flag Link Wed Aug 14, 2013
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